Currently, the initial three towers are under construction, about half completed. Two towers will be 42 stories, and the other will be 34 stories. These connected towers, which will total 280 units and initially were planned to be the entire development, are now considered phase one of the development.
On an adjacent piece of land that the developers purchased several months ago, they had planned to build 12 townhouses along with restaurant and retail space connected to the main towers. But because of overwhelming demand for the condos, the developers now have changed their plans to include another, 25-story tower instead of the townhouses. This tower, which will comprise phase two, will include 44 condo units on the top 22 stories with the first three stories consisting of restaurant and retail space.
"Basically, there was so much demand for these units," a spokeswoman for the developers tells GlobeSt.com.
"Our phenomenal sales success to date warranted a second look at the front piece of our property," Zipes says in a statement. "There has been a very high level of interest in buying units in the 1,500-sf range, but since we are almost sold out of these size units, we found it increasingly more difficult to walk away from this market segment. We believe this new tower is the crowning piece of the puzzle."
The project is more than 70% sold, according to Zipes.
Each floor will have two 1,500-sf units. Their price range is $630,000 to the $800,000s. This compares to units starting in the $600,000s and going up to more than $3 million for phase one. First-phase units range from 1,500 sf to 7,000 sf.
Plans call for the retail area to total 50,000 sf. Zipes said he is in final negotiations with three national, well-known restaurants. A 10,000-sf day spa, which will be available to residents and the public, also is planned for the second-story retail space.
The proposed tower will cost approximately $45 million. The total cost of the development will be slightly more than $200 million.
The entire development, including the latest tower, has a scheduled completion date of late spring 2004. Construction began on the first three towers in November 2001, and phase one construction is going at a rate of one floor every six days. No date has been set to begin work on the newest tower.
The whole approximately three-acre complex will be bordered by Las Olas Boulevard to the north, New River to the south, Southeast 1st Avenue to the west and Southeast 2nd Avenue to the east.
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